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Home › Renewable energy ›Bhutan and Bitdeer Declare USD 500 Million Green Crypto Fund to Deploy Hydropower

Bhutan and Bitdeer Declare USD 500 Million Green Crypto Fund to Deploy Hydropower

The collaboration with Bitdeer to introduce a carbon-free digital asset mining data center stands for an outlay in a more connected and sustainable domestic economy.

May 06, 2023. By EI News Network

Bhutan and Bitdeer have declared plans to procure USD 500 million to establish crypto-mining operations that deploy the Himalayan kingdom’s plentiful hydropower.

Great amounts of electricity are required to power the large computer farms that mine for cryptocurrency, leading to heavy criticism of their impact on the climate and a search for greener mining options.

The initiative by the Bhutan government’s investment arm Druk and Nasdaq-listed crypto-mining company Bitdeer contains the development of data centers and investment in renewable energy like hydropower and hydrogen.

The collaboration with Bitdeer to introduce a carbon-free digital asset mining data center stands for an outlay in a more connected and sustainable domestic economy.

It has a huge amount of supply of hydropower and exports electricity to India, but has built up efforts in latest years to augment revenue sources and diversify its economy.

Bitdeer was founded and chaired by Jihan Wu. Jihan Wu was known as one of the first cryptocurrency evangelists to initiate Bitcoin to early adopters.

Headquartered in Singapore, it also works in the United States, Norway, and other countries.

The company have 5 mining farms worldwide and members across over 200 countries/regions

The firm avail 10+ industry-leading, mineable cryptocurrencies via an extensive network of mining farms.

Tags:

Crypto mining operations

Collaboration

Data centres

Carbon free power